Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Pennsylvania

Per the FTC website - in the section " Posting Payments '' the first line reads " The servicer must credit a payment to your loan account as of the day it is received. '' My mortgage loan servicer, Wells Fargo, is not applying the payments on the date received. I have set-up automatic weekly payments to be withdrawn from my bank account and applied to the mortgage which is to pay the principal, interest, taxes, and I opted for additional principal to be withdrawn and applied as well. I will be uploading a copy of my -/-/2017 Mortgage Statement with personal information blacked out as evidence ( you 'll see explicitly noted the weekly payments are " unapplied '' ). Wells Fargo is essentially receiving a short-term interest free loan by holding the weekly payments until the end of the month and then applying them. I believe this is incorrect. They should be applying the payments once received in order to reduce the principal balance which then reduces the amount of accrued interest.